MCX Crude July as seen in the weekly chart above has opened at 4745 levels initially moved sharply lower, but found good support at 4692 levels. Later prices rallied sharply towards 4818 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect Crude prices to find support at 4750-4730 levels. Trading consistently below 4730 levels would lead towards the strong support at 4654 levels. Multiple closing below 4650 levels would indicate that the previous rally has come to end and thereby new leg down can be expected initially towards 4575 and then finally towards the major support at 4475 levels.
Resistance is now observed at 4870-4890 levels. Trading consistently above 4895 levels would extend the previous rally initially towards 4955 levels, then 5046 and then finally towards the Major resistance at 5100 levels. (NEAL BHAI)
For the next week we expect Crude prices to find support at 4750-4730 levels. Trading consistently below 4730 levels would lead towards the strong support at 4654 levels. Multiple closing below 4650 levels would indicate that the previous rally has come to end and thereby new leg down can be expected initially towards 4575 and then finally towards the major support at 4475 levels.
Resistance is now observed at 4870-4890 levels. Trading consistently above 4895 levels would extend the previous rally initially towards 4955 levels, then 5046 and then finally towards the Major resistance at 5100 levels. (NEAL BHAI)
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ReplyDeleteToday’s most accurate tip for commodity
ReplyDeleteCRUDEOIL (18 DEC) TREND: CONSOLIDATE
RES 1: 6050
RES 2: 6100
SUPP 1: 5920
SUPP 2: 5860
STRATEGY: BUY ON DIPS
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